Hong Kong Economic and Trade Office, USA
Hong Kong
News Release

Consumer Price Indices for December 2020


January 21, 2021 - The Census and Statistics Department of the Hong Kong Special Administrative Region Government released today the Consumer Price Index (CPI) figures for December 2020. According to the Composite CPI, overall consumer prices fell by 0.7% in December 2020 over the same month a year earlier. The decrease was larger than the corresponding decrease in November 2020 (-0.2%), mainly due to a larger amount of Government's provision of electricity charges subsidy in December 2020. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of change in the Composite CPI (i.e. the underlying inflation rate) in December 2020 was 0.0%, smaller than that in November 2020 (0.3%). The smaller year-on-year rate of change in December was mainly due to the smaller increases in the costs for meals bought away from home and the enlarged decreases in private housing rentals.   

On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period ending December 2020 was 0.6%, and that for the 3-month period ending November 2020 was 0.2%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of change were -0.1% and 0.2%. 

A Government spokesman said that the underlying consumer price inflation rate eased to virtually zero in December 2020. Prices of meals bought away from home softened visibly in the month amid the fourth wave of local epidemic and the resultant social distancing measures. Meanwhile, the year-on-year decline in private housing rentals widened slightly, and price pressures on many other major CPI components receded further. For 2020 as a whole, the underlying consumer price inflation rate averaged 1.3%.

Looking ahead, overall price pressures should remain very mild in the near term as global and local economic conditions are still challenging amid the continued threat of COVID-19. The Government will continue to monitor the situation closely.

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